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Bitcoin as a US reserve asset is ‘great for price’ but poses significant risks — Charles Hoskinson
While a strategic Bitcoin reserve may be good for price action, the US Treasury controlling 19% of the BTC supply raises unprecedented centralization concerns.
The idea of Bitcoin becoming the reserve asset of the United States poses significant centralization risks for the world’s first cryptocurrency despite being an optimistic price catalyst, according to Charles Hoskinson.
Making Bitcoin a reserve asset for the US was recently floated by presidential candidate Robert F. Kennedy Jr., who said that he would sign an executive order for the US Treasury to purchase a total of 4 million Bitcoin worth over $242 billion at today’s valuation.
Notably, that would represent 19% of the Bitcoin supply, said Charles Hoskinson, co-founder of Input Output Global and Cardano.
Hoskinson told Cointelegraph:
“It’s a mixed bag. On one hand, it would be great for the price of Bitcoin, and it would be great for US regulation of Bitcoin because the United States would be pro-Bitcoin in a certain respect.” Read More
Synthetix to add Chainlink when v3 exchange launches on Arbitrum
It could be followed with deployments on Optimism and Base.
Derivatives protocol Synthetix will add Chainlink Data Streams to its upcoming v3 deployment on the Arbitrum network after its governing council voted unanimously in favor of the integration, according to a post by Chainlink on the X platform.
Chainlink’s Data Streams are so-called “pull-based” oracles designed to deliver verified onchain data at a higher frequency and with lower latency than conventional “push-based” solutions. That is especially valuable for decentralized derivatives exchanges such as Synthetix, which require real-time access to market data to facilitate trades.
“Data Streams significantly [enhance] the performance, security, and reliability of markets on the Synthetix protocol,” Chainlink said.
Synthetix is seeking to close the usability gap between centralized and decentralized exchanges with its Synthetix v3 protocol, which aims to “become a permissionless derivatives liquidity platform for the next generation of on-chain financial products,” Synthetix said in a blog post. Read More
Ripple begins testing RLUSD stablecoin on mainnet
Ripple believes the total stablecoin market will have swollen to $2 trillion by 2028 as demand for the low-volatility fiat-pegged tokens grows.
On Aug. 9, Ripple Labs announced the first tests of its United States dollar-pegged stablecoin, Ripple Labs’ Ripple USD (RLUSD), on the XRP ledger (XRPL) and Ethereum mainnets, with plans to deploy the fiat-backed token on additional blockchain networks in the future.
According to Ripple Labs, the upcoming stablecoin will be overcollateralized, meaning that each unit of RLUSD is backed by USD reserves or short-term cash equivalents in a bank, at a ratio of 1:1 with the US dollar. To guarantee transparency and accountability, Ripple also promised third-party audits of the underlying cash assets and monthly reports published on the reserves.
The crypto firm also reiterated its commitment to using both XRP and RLUSD to serve markets, quelling rumors that the firm would abandon XRP to focus on its new stablecoin. Read More
‘Hamster Kombat’ Telegram Game Airdrop: Everything You Need to Know
UPDATED: How big will your airdrop be? Hamster Kombat has revealed six categories that will determine how many tokens you can claim.
Hamster Kombat picked up the baton from Notcoin, leading the next generation of Telegram crypto games while apparently amassing huge droves of players—more than 300 million, the developers said in late July, just weeks after Telegram founder and CEO Pavel Durov claimed that the game had topped 239 million players earlier in the month.
What’s driving players to the game, which pairs simple tapping gameplay with lightly strategic moves as you take the role of a hamster CEO of a crypto exchange? An upcoming token airdrop, of course, providing an incentive for all of that tapping and more.
We’ve been tuned into the Hamster Kombat hype over the last couple of months here at Decrypt’s GG, and we have both hard details and clear teases about what to expect from the launch—where, when, and how to put yourself in the best position to earn a bigger bag of tokens.
Here’s everything we know so far. Check back, as we plan to update this story as more details firm up ahead. Read More
The New Mini Blog Newsfeed Is Here At Markethive! A significant achievement unlocked, with many more to come
The Markethive Social Market Broadcasting Network is rapidly gaining prominence as a blockchain-based ecosystem that empowers entrepreneurs with a unique blend of uncensored expression and impartial dialogue, fostering a spirit of collaboration. This sets it apart from the often divisive and restrictive social media landscape.
At Markethive, your experience is our top priority. That's why we're recognized for our evolutionary and innovative ethos. We consistently broaden our decentralized, all-encompassing platform, creating a distinctive news feed interface that fully captures the user's experience.
We operate as an Inbound Marketing platform similar to Marketo and Paragon. The platform is comparable to popular platforms such as YouTube, Instagram, LinkedIn, and Twitter. However, we aim to surpass these traditional Web 2.0 media platforms with the upcoming release of Markethive 2.0, which includes various new features and an improved layout.
In contrast to traditional social media platforms, which rely on a single, primary news feed algorithmically set by the central authorities, Markethive's innovative approach will incorporate four distinct news feeds tailored to support the diverse range of features and functions within the Markethive ecosystem.
Markethive's feeds, including the Conglomerate or general newsfeed, video content, blogging, and curated content, are all about putting you in control. With advanced algorithms, you can tailor these feeds to your preferences, giving you the power to shape your Markethive experience. Markethive's reach is vast, as it consolidates the various features of other platforms into a single, unified system. Read More
Ripple Starts Testing Its New Stablecoin on Ethereum and XRP Ledger
The company moves forward with its Ripple USD (RLUSD) coin, but will still need regulatory approval for a full launch.
Fintech firm Ripple today announced that it had started testing its new stablecoin on its own blockchain and Ethereum.
The San Francisco-based company said Friday that Ripple USD (RLUSD) would help meet worldwide demand for stablecoins and be used for cross-border payments. But its testing is only the first step.
“RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading—please be cautious of scammers who claim they have or can distribute Ripple USD,” the company warned on Twitter.
Ripple added that while RLUSD is being tested on its native blockchain, XRP Ledger, and the second biggest crypto network, there are plans to run the asset on others. Read More
Atari Revives Its Classic ‘Breakout’ Game on Ethereum Layer-2 Base
The second blockchain-enhanced classic video game is launched as part of a summer promotion.
Legendary game publisher Atari is back with its next augmented version of a classic video game, this time bringing the 1976 classic Breakout to Coinbase’s Ethereum layer-2 network Base.
As a part of Base’s “OnChain Summer,” players can compete against others for a top spot on the Atari Breakout leaderboard. The players with the highest scores will have a chance to win weekly prizes, including a retro 2600+ game console, gift cards, and more.
Atari first announced the partnership with Base in July, with the release of the blockchain-based version of their iconic Asteroids video game, in which players operate a simple spaceship and destroy asteroids to progress. Read More
Zcash founder joins Shielded Labs, pushes for hybrid PoS upgrade
Zooko Wilcox is now the new head of product at Shielded Labs and wants to speed up the protocol’s upgrade to a hybrid PoS consensus mechanism.
The founder of privacy coin Zcash, Zooko Wilcox, is looking to accelerate the protocol’s upgrade to a hybrid proof-of-stake (PoS) system after joining Shielded Labs.
In a blog post on Aug. 10, Wilcox, Zcash founder and now new head of product at Shielded Labs, said that after eight years of using proof-of-work (PoW) mining, the privacy currency needs to be upgraded to a hybrid PoS system.
He noted that PoW consensus and the creation of new ZEC coins had put downward pressure on its price, “but this is expected to ease as the rate of new coin creation reduces.”
Two main upcoming improvements mentioned were implementing the Zcash Sustainability Fund and upgrading to “Crosslink,” a hybrid proof-of-work and proof-of-stake protocol.
“We want to deploy this as fast as possible while maintaining Zcash’s track record of excellent safety,” he said.
Benefits from the upgrade include enabling staking for ZEC holders, providing finality that protects users against rollback attacks, reducing transaction times and allowing safer two-way bridges to other networks. Read More
ZK-powered DEX raises $10M from Web3 heavyweights, launches mainnet
This ZK-powered order book exchange combines the reliability of DEXs with the speed of CEXs, ensuring transparent and efficient transactions while maintaining asset self-custody.
With a $10 million seed funding round, Vessel aims to develop a comprehensive DeFi layer 3 to explore ZK solutions and applications and address DeFi challenges like liquidity fragmentation and cross-chain compatibility.
One of the primary challenges in the crypto trading industry is striking the right balance between efficiency and transparency. Centralized exchanges (CEXs) offer fast transactions but often lack transparency, leading to concerns about security and trust.
On the other hand, decentralized exchanges (DEXs) provide users with greater visibility into system operations but typically involve lengthy processes, conflicting with the rapid pace of the crypto market.
This is where zero-knowledge (ZK) proof technology comes into play. ZK-proof is used to pack a large amount of off-chain computation into SNARK proofs and then submit them on-chain. This process verifies the validity and authenticity of user actions. Users enjoy both transparency and efficiency. This pushes the crypto space forward by removing the traditional trade-offs between speed and security. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
Featured Image Source: Pixabay
